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Allegations of Undisclosed Income did not form Part of Notice: Delhi HC sets aside Income Tax Notice [Read Order]

Kalyani B. Nair

The Delhi High Court set aside income tax notice as allegations of undisclosed income did not form the part of income tax notice. The petitioner...

Assessing officer cannot make Second Assessment on Same Issue on Same Assessment Year: ITAT [Read...

Persistent Loss Filter can be Applied only if there is Loss in Three Successive Assessment Years:...

Re-Assessment Notice Issued After Four Years of Relevant AY: ITAT quashes Order u/s 147 [Read Order]

Search Conducted within 6 Preceding Years of Relevant AY: ITAT Upholds Income Tax Proceedings u/s...

Claim of FTC can't be disallowed merely on delay in filing Form 67: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the Claim of Foreign Tax Credit( FTC) can't be disallowed merely on delay in filing Form 67. Tom Thomas, the...

ITAT allows TDS Credit for Assessment Year for Which Income is Assessable [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) allowed TDS Credit for the assessment year for which income is assessable. Prakash Sunrise Healthcare Limited, the assessee is carrying...

TDS Credit shall be given for the Assessment Year for which Income is Assessable: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that TDS credit shall be given to the deductee for the assessment year for which such income is assessable under the Income Tax Act,...

Year of substantial expansion is initial Assessment Year within 10 years for claiming Deduction u/s 80-IC: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that there can be two initial assessment years and the year in which there was substantial expansion that year is the initial assessment...

Deletion of Disallowance u/s 40(a) not valid in the Absence of Verification on Inclusion of Amount in Income: ITAT [Read Order]

The Income Tax Appellate Tribunal Ahmedabad “C” Bench has recently, while allowing an appeal filed by the Revenue, held that deletion of disallowance under section 40(a) is not valid in the absence...

Advance given to Subsidiary Company for the Purpose of Business to be allowed as Loss Incidental to Business: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) Ahmedabad Bench, has, in a recent appeal filed before it, held that advance given to a subsidiary company for the purpose of business is to be allowed as...

Income Tax Return filing Due Date is Nearby: Know the Penalty / Interest Consequences of Missing the Deadline

Income tax return filing is the talk of the town nowadays as the last date for filing the return is on 31st July 2022. According to Section 139 of the Income-Tax Act, 1961, the due date for filing...

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